The Time vs. Money Conundrum
I've talked many times before about the value of time vs. money. Still I find myself at times falling into a trap and thinking, what the heck am I doing right now?
Property Turnover
Anytime I need to turnover a property to either get it rent ready for a new tenant or spruced up enough to list and sell I call my contractor.
He's pretty decent and is a jack of all trades. Problem is he is a one man wrecking crew, which means only one thing can be done at a time.
This is where I come in. I decide to convert myself to his sidekick laborer each big job he does for me so much of the grunt work can be done while he is handling the skill work.
Best Use of My Time?
So I have been killing myself the past week trying to help get this property ready to list. I'm physically spent and have not been able to post much, work on my online business at all or look at any real estate deals.
All of those things make me money in one way or another.
How much am I making being a laborer on my own job? Well, I'm saving some money that is for sure, but in the end it's probably less than a thousands bucks.
Is all my time, energy, effort and stepping away from my work and business worth that amount?
Probably not. Yet, I stubbornly did it again.
So in the end we always need to ask ourselves. If I do this thing how much is it costing me in time and opportunity as opposed at just looking at what is gained. Many times we are taking a loss and not realizing it.
This is a really big problem.
Lets say you were Nikola Tesla reincarnated... how much should you work for? Any of his other inventions that disappeared would make a corporation very rich... but, new product ideas are a dime a dozen in ten bushel lots.
Then there is, how much trouble is it to higher an extra person? Getting a kid to show up on time, payroll, everything else... it all adds up.
Its easier, and often faster for me to repair something than to find a repair man.
I also spend hours at Homey Depot deciding the best and cheapest way to do something. If i was being paid per hour, it would have been cheaper to go with the first way thought up.
All of this comes down to, i am probably in the wrong business.
And, hiring out the stuff that you don't want to do, and aren't especially good at, is very important. However, the boss cleans the toilets when no one else is there.
Yes, and having hired help show up here in South Florida is a commodity. I do the same thing at home depot, work the hell out of discounts and most cost efficient way to do things. Which takes some time.
Well, the physical work is probably good at times too. But maybe you should think about when it's better to bring in some extra help so you aren't killing yourself or spending quite as much time.
Basically I'm saying maybe there's a middle ground, where you get help sometimes and still work a bit other times.
Agreed cus its good to get your hands dirty sometimes. 100% sitting in front of computer is not a good thing to me.
This is often a challenge for many of us seeking a way to gain supplemental income as most time our current income draw is much higher than these sources! However, the thought is building with consistency over time to shift the income generating potential.
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Exactly, I think scale often helps because the overall cost has a smaller impact.